Old Mutual Global Investors chief executive Richard Buxton has expressed his sadness at the outcome of the EU 'leave' vote and said investors should now "brace themselves for an unpleasant period of relatively indiscriminate selling".
Buxton (pictured), manager of the £2.2bn Old Mutual UK Alpha fund, had previously been vocal in his belief the UK would remain in the EU. Speaking today, he described the decision as the 'worst of the two possible outcomes' and that he had expected the status quo to prevail. As a result of the vote, he said he expected the UK would quickly enter an economic recession which could lead to a cut in interest rates. "The biggest sadness of today is that it is reasonable to assume that the UK will quickly enter a period of economic recession, the key reason why we believed the outco...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
